Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.22.2.2
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
May 31, 2022
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 9 – PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consisted of the following at May 31, 2022 and 2021:

 

   

May 31,

    

May 31,

  
   

2022

    

2021

  

Office equipment

   $ 132,859     $ 120,068  

Furniture & fixtures

     148,358       145,103  

Machinery & equipment

     2,447,715       1,823,094  

Leasehold improvements

     3,686,951       2,822,017  

Less: accumulated depreciation

     (2,073,449

)

     (1,434,614

)

Property and equipment, net

   $ 4,342,434     $ 3,475,668  

 

The Company made payments in the amounts of $1,104,806 and $269,437 for property and equipment during the years ended May 31, 2022 and 2021, respectively.

 

Depreciation expense totaled $638,835 and $569,278 for the years ended May 31, 2022 and 2021, respectively.